Budgeting Services will manage your debts for you for a fee. This is great if you are disorganised but can comfortably afford your debts. The Budgeting Service will debit your account and pay your creditors for you.

If you can’t afford your debts Insolvency Services is an option for you. A Debt Agreement Administrator or a Trustee will put forward an agreement to your creditors based on what you can afford. One payment will be made to the Debt Agreement Administrator or Trustee and they will distribute the funds to your creditors. You will generally repay less than you currently owe but there will be a notation on your credit history.

There are other options to manage your debt yourself.

Follow these steps to self-assess your situation, and discover which debt management solution is best for you:

Step 1. Add up your debt?

Regardless of what strategy you choose this is the first step. For many, this can be a really uncomfortable process especially if you’ve put your head in the sand for a long time.

Step 2. How much are the repayments?

Next, to the debt, write down the repayment. To make it more useful work out how much per pay cheque it is. For example: if you get paid weekly but your credit card bill is monthly, multiply the payment by 12 and divided by 52.

Step 3. How much can repay?

You don’t need to do a budget, though we would recommend it. You do need to decide how much you can afford to repay each pay cheque.

Step 4. Can you afford your debt?

Payment Strategies

There are 2 main payment strategies; High-Interest First or Snowball. With High-Interest First you make all the minimum payments and then put the leftover payments on the debt with the highest interest. The snowball method you use the left over payment to go towards the debt with the lowest balance.

Credit Card Transfer

Many companies offer “Balance Transfers”. You transfer your credit card debt onto their credit card which has a low interest or no interest. The danger is that if you don’t close the other credit card you can end up with double the debt.

Debt Consolidation

Debt Consolidation involves replacing all your separate debts with one new debt. The new debt could be a personal loan, a mortgage, even a balance transfer could be considered debt consolidation.

If youcan’t afford your repayments those options won’t work for you and you should look at an insolvency option like a Debt Agreement or Personal Insolvency Agreement. If you can’t afford any debt repayments bankruptcy might be a good option.

Debt Agreement and PIAs

A Debt Agreement and PIA’s are insolvency agreements. All the debts are included in your agreement with one regular payment. The payment is based on what you can afford however there is a notation on your credit history.

Still unsure which option is best for you? Give us a call on our helpline. A trained debt consultant will assess income, expenses and debts then walk you through your debt management options.

Free Consultation

Discover what Debt Relief options are available to your unique financial situation.

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Great company to deal with. Great to work withKirsty Therese Walker - 15-Dec-2018

I felt DCS were purely professional in their approach and conduct throughout my debt agreement. Nothing was an issue to discuss and their people were more than happy to assist with...Geoffrey Robert Mark Smith - 14-Dec-2018

The were very helpful Yes I would recommend them to anyone who is in financial difficulties. Helpful from beginning to the end. Very caring when I could not make some payments.Jodie Alicen Wilson - 11-Dec-2018

Very easy and pleasant to deal with, clear and concise, understanding and effective. Thanks very much for your help10-Dec-2018

Good Yes09-Dec-2018

Helpful service Extremely helpful staff at a stressful time.08-Dec-2018

Loving the service the best!Lina Soakimi - 02-Dec-2018

Just whenever I called the team responded politely and with enthusiasm. Always friendly and promot service.Kylie Louise Maher - 02-Dec-2018

From the very beginning I was met with staff who were friendly, compassionate, efficient, professional and extremely helpful.It's rare to deal with a company in which every s...Monica Christine Atkinson - 01-Dec-2018

Greatful for friendly staff and wonderful service. The staff were always friendly and extremely helpful. The assisted with no prejudice and I didn't feel at any stage of my Part IX journey that I was a lesser person for having to u...25-Nov-2018

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